Nsi Nv Ord (NIUWF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Thank you for joining and welcome to our 2025 Full Year Results Analyst Call. Today, our CEO, Bernd Stahle, accompanied by our CFO, Elke Snyder, will comment on the results presentation published on our website this morning. At the end of the call, you will have the opportunity to ask questions. For now, I would like to hand over to our CEO, Bernd Stahle. Thank you, Mertijn, and good morning, everyone. Welcome to the results presentation. Let's dive straight in. Slide four shows you what we stand for. These will be known, but I'll repeat them anyway. We're predominantly infested in Amsterdam. We're open to other sectors than offices. We appreciate that happy customers are key to the long-term success of the business. Sustainability is a must. And if the opportunity is there, we would like to grow into a larger, even better, more resilient business. Looking at 2025, lots of things have moved. For us, the four highlights of this year The redevelopment of H&K Rotterdam Alexander, we'll talk about that later. All the permits are ready and the contractor is at point of signing for FITRM. So that's going to be the story for 26. We've delivered on our asset rotation and we've exited a few more markets. And we've successfully refinanced 400 million in loans successfully at better terms. Slide six. We highlight the key performance indicators, some good, some bad. Earnings slightly higher than last year, €2.10. The dividend therefore up by a cent as a result as well, given that we have got a minimum payout ratio of 75%. Our balance sheet is under control. Our cost of debt remains low. But in terms of vacancy, and we'll talk about that later as well, it has increased. We see it as something that we will be able to address over the coming period. but it's...